Executive Summary
By deploying the full suite of EliseAI’s leasing and resident products, Flatz Living drove a 260bps reduction in delinquency rates and improved leasing performance while enabling a more efficient FTE to unit staffing ratio.
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Introduction to Flatz Living
Flatz Living, the in-house property management wing of Simtob Management & Investment (SMI), is dedicated to providing clean, safe, and affordable housing solutions for families across the Midwest. Established in July 2020 by Bradley Simtob, SMI began with an 11-unit apartment building in Lansing, Michigan, near Michigan State University that Brad managed during his free time while studying at MSU. After canceling all classes in Fall semester 2021, Brad turned to multifamily full time, expanding the company’s portfolio to over 1,100 units in Lansing and Kalamazoo, Michigan, by April 2023. This growth reflects SMI’s commitment to adding value through strategic renovations, hands-on management, and innovative tech deployment.
But, like many other operators in the space, Brad and the Flatz Living team haven’t been immune to external pressures like high labor costs, elevated renter expectations, and a tight capital environment.
Flatz Living Identifies Opportunities for Improvement
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As an operator of largely class C and B assets in a competitive market, Brad and the Flatz Living team recognized that their average prices and apartment quality weren’t necessarily enough to differentiate themselves from competitors. Brad quickly identified that improved responsiveness and shortening the average turnaround time from inquiry to lease could be the competitive unlock they needed to grow in the market. However, the ability to quickly respond to prospect inquiries around the clock was limited by the availability and speed of their human agents.
Keeping expenses down as the Flatz Living portfolio scaled was another key focus for Brad and the team. Scaling the Flatz Living brand necessitated hiring new staff, which resulted in high personnel costs for training, benefits, and salaries. Seeing as much of the current work handled by onsite teams consisted of simple, repetitive tasks that could be automated, Brad and the team identified an opportunity to use new technology to take that work off the plates of onsite teams to allow the portfolio to continue growing without adding new FTEs. Flatz Living was targeting an ideal ratio of 1 full time employee for every 100 units, but was struggling to hit this ratio given the significant amount of work handled by their onsite teams.
Fortunately, Brad and the Flatz Living team looked to EliseAI to help them automate low value onsite tasks that prevented them from hitting their ideal staffing ratios.
Introduction to EliseAI
EliseAI is the leading provider of AI and automation solutions designed for the needs of modern multifamily operators, with over 400 different organizations utilizing EliseAI’s products in millions of units around the US. EliseAI’s products automate the most tedious parts of the prospect-to-resident lifecycle, from sending tour follow ups to scheduling work orders to circulating renewal offers and more, enabling onsite teams to focus on building meaningful connections with residents while delivering improved financial performance and ROI on tech spend.
Results and ROI
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By deploying the full suite of EliseAI products, including LeasingAI and ResidentAI, Flatz Living drove increased operational efficiency through automation. Today, over a large percentage of all resident and prospect communications are handled completely autonomously by AI, freeing the Flatz Living team up for value-add responsibilities.
In the second half of 2024, EliseAI handled 90,000+ messages and 4,400+ inbound calls for Flatz Living, delivering answers in 5 minutes or less to a wide variety of prospect and resident inquiries around the clock. On average, Flatz Livings’ leasing specialists went from conducting 7 monthly move-ins to 15+, improving employee satisfaction and community financial performance simultaneously.
Deploying EliseAI’s ResidentAI product to help with delinquency management has also resulted in significant NOI improvements for Flatz Living. With ResidentAI automating follow up with delinquent accounts, Flatz Living drove a 230 basis point improvement in delinquency rates, resulting in over $250,000 in annualized bad debt savings.
Beyond delinquency EliseAI also drove an improvement in occupancy and retention rates across Flatz Living’s communities, managing over 300 renewals and leading to an average 4 day renewal timeline, while also providing Flatz with a 74-day period before lease end to find a new tenant for vacant units. All in all, Flatz Living was able to recognize between 4-5x ROI on their AI deployment.
Why Flatz Living Chose EliseAI
Brad’s decision to choose EliseAI largely stemmed from his own personal experiences renting an apartment a year before. He was blown away by the responsive nature of the leasing agent who supported him during his application process…only to find out after moving into his new apartment that the leasing agent was actually an AI assistant powered by EliseAI. After his firsthand experience as a renter interacting with the EliseAI product, he knew the fast, accurate nature of AI could be a major game changer for the Flatz Living portfolio.
From there, the rapid deployment timeline was another key differentiator for Flatz Living. Brad and the Flatz Living team successfully rolled out the full suite of EliseAI products within 90 days of getting in touch with the EliseAI team. Flatz and EliseAI’s shared commitment to leveraging best in class technology to improve the renter experience was another key factor for Brad and the Flatz Living team, as EliseAI had a proven track record of driving successful outcomes for operators large and small.
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Beyond the success that Flatz Living has seen with EliseAI’s LeasingAI and ResidentAI products, deploying AI-Guided Tours across the Flatz Living portfolio has helped support an efficient 1 to 100 staffing ratio, with varying staffing levels dependent on the seasonality of the leasing season. Recognizing larger shifts in consumer behavior that prioritize on-demand, self-serve workflows, Brad opted to deploy AIGT across the Flatz Portfolio to more efficiently capture demand for their units in real time. Rather than force prospects to wait 24 hours to tour in order to find an agent who can lead the tour, AIGT has allowed prospects to inquire, tour, and apply for a unit all in the same day. This seamless, prospect-focused workflow helps differentiate Flatz Living from competitors in the area as well as keeping staffing costs low.
Looking to An AI-Powered Future for Flatz Living
The Flatz Living story is a strong example of how technology and forward-thinking property management strategies can enable more efficient staffing ratios and keep costs low, without sacrificing the resident experience. Recognizing changing consumer preferences, Brad and the Flatz Living team have created a seamless, self-serve touring and application workflow that allows them to successfully capture demand in real-time, giving them at least a 24 hour head start on competitors in their market when it comes to converting prospects to residents.
Today, Flatz Living is a top candidate for all beta tests EliseAI rolls out. Brad and his team are focused on implementing technology in strategic ways to further increase Net Operating Income during a time while macroeconomic conditions are constraining multifamily growth. Flatz Living’s focus on innovation and scaling with efficiency is worth keeping an eye on as they continue to expand their offerings across the Midwest.
Introduction to Flatz Living
Flatz Living, the in-house property management wing of Simtob Management & Investment (SMI), is dedicated to providing clean, safe, and affordable housing solutions for families across the Midwest. Established in July 2020 by Bradley Simtob, SMI began with an 11-unit apartment building in Lansing, Michigan, near Michigan State University that Brad managed during his free time while studying at MSU. After canceling all classes in Fall semester 2021, Brad turned to multifamily full time, expanding the company’s portfolio to over 1,100 units in Lansing and Kalamazoo, Michigan, by April 2023. This growth reflects SMI’s commitment to adding value through strategic renovations, hands-on management, and innovative tech deployment.
But, like many other operators in the space, Brad and the Flatz Living team haven’t been immune to external pressures like high labor costs, elevated renter expectations, and a tight capital environment.
Flatz Living Identifies Opportunities for Improvement
As an operator of largely class C and B assets in a competitive market, Brad and the Flatz Living team recognized that their average prices and apartment quality weren’t necessarily enough to differentiate themselves from competitors. Brad quickly identified that improved responsiveness and shortening the average turnaround time from inquiry to lease could be the competitive unlock they needed to grow in the market. However, the ability to quickly respond to prospect inquiries around the clock was limited by the availability and speed of their human agents.
Keeping expenses down as the Flatz Living portfolio scaled was another key focus for Brad and the team. Scaling the Flatz Living brand necessitated hiring new staff, which resulted in high personnel costs for training, benefits, and salaries. Seeing as much of the current work handled by onsite teams consisted of simple, repetitive tasks that could be automated, Brad and the team identified an opportunity to use new technology to take that work off the plates of onsite teams to allow the portfolio to continue growing without adding new FTEs. Flatz Living was targeting an ideal ratio of 1 full time employee for every 100 units, but was struggling to hit this ratio given the significant amount of work handled by their onsite teams.
Fortunately, Brad and the Flatz Living team looked to EliseAI to help them automate low value onsite tasks that prevented them from hitting their ideal staffing ratios.
Introduction to EliseAI
EliseAI is the leading provider of AI and automation solutions designed for the needs of modern multifamily operators, with over 400 different organizations utilizing EliseAI’s products in millions of units around the US. EliseAI’s products automate the most tedious parts of the prospect-to-resident lifecycle, from sending tour follow ups to scheduling work orders to circulating renewal offers and more, enabling onsite teams to focus on building meaningful connections with residents while delivering improved financial performance and ROI on tech spend.
Results and ROI
By deploying the full suite of EliseAI products, including LeasingAI and ResidentAI, Flatz Living drove increased operational efficiency through automation. Today, over a large percentage of all resident and prospect communications are handled completely autonomously by AI, freeing the Flatz Living team up for value-add responsibilities.
In the second half of 2024, EliseAI handled 90,000+ messages and 4,400+ inbound calls for Flatz Living, delivering answers in 5 minutes or less to a wide variety of prospect and resident inquiries around the clock. On average, Flatz Livings’ leasing specialists went from conducting 7 monthly move-ins to 15+, improving employee satisfaction and community financial performance simultaneously.
Deploying EliseAI’s ResidentAI product to help with delinquency management has also resulted in significant NOI improvements for Flatz Living. With ResidentAI automating follow up with delinquent accounts, Flatz Living drove a 230 basis point improvement in delinquency rates, resulting in over $250,000 in annualized bad debt savings.
Beyond delinquency EliseAI also drove an improvement in occupancy and retention rates across Flatz Living’s communities, managing over 300 renewals and leading to an average 4 day renewal timeline, while also providing Flatz with a 74-day period before lease end to find a new tenant for vacant units. All in all, Flatz Living was able to recognize between 4-5x ROI on their AI deployment.
Why Flatz Living Chose EliseAI
Brad’s decision to choose EliseAI largely stemmed from his own personal experiences renting an apartment a year before. He was blown away by the responsive nature of the leasing agent who supported him during his application process…only to find out after moving into his new apartment that the leasing agent was actually an AI assistant powered by EliseAI. After his firsthand experience as a renter interacting with the EliseAI product, he knew the fast, accurate nature of AI could be a major game changer for the Flatz Living portfolio.
From there, the rapid deployment timeline was another key differentiator for Flatz Living. Brad and the Flatz Living team successfully rolled out the full suite of EliseAI products within 90 days of getting in touch with the EliseAI team. Flatz and EliseAI’s shared commitment to leveraging best in class technology to improve the renter experience was another key factor for Brad and the Flatz Living team, as EliseAI had a proven track record of driving successful outcomes for operators large and small.
Beyond the success that Flatz Living has seen with EliseAI’s LeasingAI and ResidentAI products, deploying AI-Guided Tours across the Flatz Living portfolio has helped support an efficient 1 to 100 staffing ratio, with varying staffing levels dependent on the seasonality of the leasing season. Recognizing larger shifts in consumer behavior that prioritize on-demand, self-serve workflows, Brad opted to deploy AIGT across the Flatz Portfolio to more efficiently capture demand for their units in real time. Rather than force prospects to wait 24 hours to tour in order to find an agent who can lead the tour, AIGT has allowed prospects to inquire, tour, and apply for a unit all in the same day. This seamless, prospect-focused workflow helps differentiate Flatz Living from competitors in the area as well as keeping staffing costs low.
Looking to An AI-Powered Future for Flatz Living
The Flatz Living story is a strong example of how technology and forward-thinking property management strategies can enable more efficient staffing ratios and keep costs low, without sacrificing the resident experience. Recognizing changing consumer preferences, Brad and the Flatz Living team have created a seamless, self-serve touring and application workflow that allows them to successfully capture demand in real-time, giving them at least a 24 hour head start on competitors in their market when it comes to converting prospects to residents.
Today, Flatz Living is a top candidate for all beta tests EliseAI rolls out. Brad and his team are focused on implementing technology in strategic ways to further increase Net Operating Income during a time while macroeconomic conditions are constraining multifamily growth. Flatz Living’s focus on innovation and scaling with efficiency is worth keeping an eye on as they continue to expand their offerings across the Midwest.